Hex Trust said it will issue and custody a wrapped version of XRP that will allow the token to be used across major blockchains, including Solana, Ethereum, Optimism, and HyperEVM, thereby expanding access to Ripple’s ecosystem as demand grows for cross-chain assets.
The regulated digital asset platform said the new token, called wXRP, is a one-to-one backed representation of native XRP designed to expand the asset’s role in decentralised finance and enable trading against Ripple’s RLUSD stablecoin on any chain where the asset is available.
Cross-Chain XRP Arrives
In its official press release, Hex Trust said that authorised merchants will be able to mint and redeem wXRP through an automated, compliant system, and each wrapped unit corresponds to an equivalent amount of XRP held in segregated custody accounts.
The firm said the token will launch with more than $100 million in total value locked, which it said should support liquidity, help stabilise pricing, as well as reduce slippage for traders on day one. By using LayerZero’s Omnichain Fungible Token standard, wXRP will allow users to move value between chains without relying on unregulated third-party bridges. It will offer what Hex Trust described as a more transparent and auditable structure backed by insurance coverage and institutional-grade safeguards.
The company said wXRP will give retail users, DeFi protocols, and institutional liquidity providers access to swaps, lending, liquidity provisioning, and, where available, rewards opportunities across supported networks. Market makers, OTC desks, and funds will be able to integrate the asset into trading and collateral environments, while businesses can support wXRP and RLUSD in payment and checkout services.
Multichain Demand
Hex Trust also revealed that wXRP will only be issued when an equivalent amount of native XRP is deposited and will be burned on redemption, in a bid to ensure that the supply remains fully backed. Additional blockchains are expected to be integrated over time as part of efforts to extend XRP’s reach into multichain applications.
RippleX SVP, Markus Infanger, highlighted the growing demand to use XRP across the wider crypto ecosystem and institutions, and added,
“We are excited to see Hex Trust address this demand. It also fits naturally with the work we’re doing with RLUSD, giving people a regulated way to access DeFi and manage their XRP positions across supported chains.”
In a separate development, CryptoQuant recently found that network velocity on the XRPL surged to a record 0.0324 on December 2, which meant that XRP is circulating more frequently among users rather than sitting idle in wallets. The analytics firm said the spike reflects increased liquidity and participation from traders and large holders.
Ripple also expanded its enterprise footprint through a new partnership with AMINA Bank AG, which will use Ripple Payments to offer near-real-time cross-border transactions. AMINA said the integration aims to reduce the operational friction that web3-focused clients encounter when interacting with traditional banking systems by improving speed and settlement efficiency.
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